Objectives and Approach

The aim is to increase the value of your investment over the long term and to earn income within the Fund. The Fund is actively managed which means that the Investment Manager is actively making investment decisions for the Fund. The Fund is not managed in reference to a benchmark. The Fund is known as a “Fund of Funds” which means that it mainly invests in other investment funds, but it may also invest directly in shares and debt. No more than 20% of the Fund's net assets will be invested in any one investment fund. The Fund aims to invest approximately 80% of its net assets in debt (either directly or through investment in other investment funds).The Fund invests in investment funds which invest in high quality debt, such as bonds, money market instruments (short-term financial products which can be easily bought and sold on money markets) and commercial paper and certificates of deposits (short term debt products) issued by governments, other public bodies and companies in developed countries. The Fund may also invest directly in such debt. The Fund aims to invest approximately 20% of its net assets in shares (either directly or through investment in other investment funds). The Fund invests in investment funds to gain exposure to developed and emerging markets using a core strategy meaning that the Fund is generally overweighted in shares of smaller sized companies and value companies. Value companies are those where, at the time of purchase, the Investment Manager believes that the price is low compared to the accounting value of the company. The composition of the Fund may be adjusted based on considerations such as the number of outstanding shares of public companies that are freely available to the investing public, the tendency of the price of a security/share to continue movement in a single direction, how readily available the shares are to buy and sell, liquidity management, size, value, profitability and investment characteristics. The Fund uses a similar strategy when buying shares directly.The Fund may invest up to 10% of its net assets in emerging markets countries (directly or through exposure of underlying Funds). The Fund may use financial contracts or instruments (derivatives) to manage risk, reduce costs or improve returns. The Fund may use derivatives to manage movement in the currency values of its direct debt investments (known as currency hedging.) The Fund may also use derivatives in an attempt to protect your returns against exchange rate fluctuations between the currency of your share class and the base currency of the Fund (hedging). Income is not distributed and is rolled up (accumulated) into the value of your investment. You may sell your investment in the Fund on demand on a daily basis.